Mobile security solutions provider Diversinet announced another successful quarter as revenues for the company totaled $1,945,000, a 244 percent increase over last year. The amount includes $1,625,000 in revenues from the company's $40 million five-year worldwide license and revenue share agreement with AllOne Mobile. The company also brought in $1.6 million in revenues from its AllOne Mobile partnership during the first quarter of 2009.
Diversinet's net income for the quarter was $1,056,000, compared to a net loss of $1,205,000 during the same period last year. During the first quarter, Diversinet's net income was a mere $182,000 -- clearly the company has gathered momentum these past few months.
"We believe that 2009 will be our first profitable year since our founding twelve years ago. From a business perspective, 2009 will continue to be measured by our and AllOne's ability to negotiate pilots and strategic partnerships as we wait for the wireless health care market to emerge," Albert Wahbe, CEO and Chairman stated. "While we would like to see the market evolve faster, we have noticed an increase in telehealth activity over the last three months. From a competitive standpoint, we believe Diversinet is a leading secure application platform for the mobile world. Through our partnership with AllOne Mobile we have established exciting new relationships with Microsoft HealthVault and the U.S. Army, establishing a credible footprint. Additionally, we have several U.S. and international activities that I am confident will emerge during the second half of 2009. Please note that Diversinet is providing technology leadership in the telehealth segment that is still in its infancy and evolving rapidly."
Read on for some of Diversinet's highlights from its second quarter:
- During May 2009, the AllOne Mobile secured by Diversinet and MyHealth Mobile application (for BlueCross of Northeast Pennsylvania members) was approved and is now available on the Verizon BREW application deck for download.
- During May 2009, the AllOne Mobile secured by Diversinet product went live with a secure mobile consumer direct PHR (personal health record) solution that is offered by Microsoft's HealthVault. The product is now available for purchase for $25 per year.
- During June 2009, the AllOne Mobile secured by Diversinet product went live on the iTunes App Store offering three iPhone apps available for download. The applications are for AllOne Mobile, MyHealth Mobile and mCare. The mCare application is for use in a U.S. Army pilot that creates a challenge response secure session with the wounded warrior for interactive feedback.
- During June 2009, after successful implementation of our U.S. Army pilot our combined solution was moved behind the Army's firewall and the pilot metrics expanded. An early positive sign. AllOne Mobile's platform is anticipated to support the rehabilitation needs of up to 10,000 returning soldiers in a phased implementation over the next year.
